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ABC company has sold an equipment with a historical cost of AED200,000 and accumulated depreciation...

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Question

Accounting

ABC company has sold an equipment with a historical cost of AED200,000 and accumulated depreciation of AED 150,000. and the cash was collected from the buyer.

Required:

  1. Make the required journal entries to reflect such a revaluation. (4 marks)
  2. Show the effect of the journal entry on the company cash flows statement. (6 marks)

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